Harmonic (NASDAQ:HLIT) Releases Q3 2024 Earnings Guidance

Harmonic (NASDAQ:HLIT) updated its third quarter 2024 earnings guidance on Monday. The company provided earnings per share (EPS) guidance of 0.190-0.240 for the period, compared to the consensus estimate of 0.190. The company issued revenue guidance of $175.0 million-$190.0 million, compared to the consensus revenue estimate of $177.8 million. Harmonic also updated its FY 2024 guidance to 0.560-0.750 EPS.

Analyst Ratings Changes

A number of research firms have recently commented on HLIT. Needham & Company LLC reaffirmed a buy rating and issued a $18.00 price target on shares of Harmonic in a report on Monday, June 17th. Rosenblatt Securities reissued a buy rating and set a $18.00 price objective on shares of Harmonic in a research note on Thursday, July 18th. One research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Harmonic presently has an average rating of Buy and a consensus target price of $17.60.

Harmonic Price Performance

HLIT stock traded down $0.29 during mid-day trading on Monday, hitting $11.75. 1,814,010 shares of the stock were exchanged, compared to its average volume of 1,679,877. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.09 and a quick ratio of 0.78. The business has a fifty day moving average price of $11.83 and a 200 day moving average price of $12.02. Harmonic has a 12 month low of $8.80 and a 12 month high of $15.07. The stock has a market capitalization of $1.32 billion, a price-to-earnings ratio of 19.58 and a beta of 0.89.

Harmonic (NASDAQ:HLIT) last released its quarterly earnings data on Monday, April 29th. The communications equipment provider reported ($0.05) EPS for the quarter, missing the consensus estimate of ($0.01) by ($0.04). The company had revenue of $122.06 million during the quarter, compared to analysts’ expectations of $121.70 million. Harmonic had a return on equity of 1.35% and a net margin of 12.37%. The firm’s quarterly revenue was down 22.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.06 EPS. On average, sell-side analysts anticipate that Harmonic will post 0.36 EPS for the current year.

Insider Transactions at Harmonic

In related news, SVP Ian Graham sold 52,730 shares of the business’s stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $10.95, for a total transaction of $577,393.50. Following the transaction, the senior vice president now owns 63,616 shares in the company, valued at approximately $696,595.20. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 2.20% of the company’s stock.

Harmonic Company Profile

Harmonic Inc, together with its subsidiaries, provides broadband solutions worldwide. The company operates through Broadband and Video segments. The Broadband segment sells broadband access solutions and related services, including cOS software-based broadband access solutions to broadband operators; and cOS central cloud services, a subscription service for cOS customers.